Blog
A deep-dive into a variety of pension topics to help you understand and learn more about your pension and the Scheme.
Our blogs will give you information, tips, insights and guidance to help you get to know your pension and support you on your journey to retirement.
Here's a 12-point plan to pep up your pension.
Resolve from now to set a little time aside to plan ahead for a more comfortable future. Each of the following small tasks should just take a few minutes over the following months. We guarantee you’ll be pleased you did this regularly when you reach retirement!
Set up your own online pension account in 2022 and you can truly make this the year you take charge of your future and manage your pension.
It couldn’t be easier. If you’re not registered already, just go to the top right hand corner of the home page on this website and click on register. Follow the simple, on-screen instructions and once you’re signed in, you’ll be able to manage your pension and plan your future at any time to suit you, using the range of online tools available. You can see how to use many of these below.
No matter how near, or far away your retirement is, make sure you know what your income is likely to be when you finish work. It will be so much easier to plan your future from now on, if you do. Use our easy online Pension Planner (for DB members) or Retirement Modeller (for DC members) to find out.
If you’re signed in to your myRPS account, you’ll find these online tools under the 'Planning for the future’ section of your member home page.
Another way to keep tabs on your savings is to request free online estimates to see how much you’re likely to get on retirement. You can request as many as you like, any time.
If you’re signed in to your myRPS account, you’ll see an option to ‘Request an estimate of Retirement Benefits’ under the ‘My Pension’ section of your home page. Click here and follow the on-screen instructions.
This year, think ahead to what kind of life you would like in retirement. Knowing what this might cost, will help you to know if you’re saving enough for the future.
If you’ve used our Pension Planner or requested an estimate, you should already have an idea of what your annual pension is likely to be. By using our Retirement Budgeting Calculator, you’ll see if your expected pension income matches your lifestyle costs. If not, you may want to make some adjustments.
Find the Retirement Budgeting Calculator in the ‘Resources’ section of railwayspensions.co.uk.
New Year is a good time to find out whether you’ll be eligible for the State Pension and what you’re entitled to, so you can plan for the future. You can check your entitlement at gov.uk/check-state-pension.
If you’ve discovered that your likely pension income isn’t going to be quite enough to fund the lifestyle you’d like in retirement, then you might want to consider Additional Voluntary Contributions (AVCs), known as BRASS* in the RPS. These are extra savings that you make into your pension.
*If you pay the maximum BRASS amount and wish to pay more, you can pay AVC extra contributions.
See our Guides to BRASS and AVC extra in the Read as you Need Guides on this website.
Over the years, if you’ve worked for several employers during your working life, you may have lost track of the different pensions you’ve paid into. The Department for Work and Pensions (DWP) say there will be around 50 million lost pensions by 2050. That’s a lot of unclaimed money! The Pension Tracing Service is free and can help you find a pension you’ve lost. Go to gov.uk/find-pension-contact-details and follow the online steps.
Making a nomination online should just take 2 minutes but it could make a big difference to your loved ones if you die before taking your pension.
To ensure your pension savings end up in the right hands, and avoid being taxed, you need to let us know, where or who you wish the money to go to, by completing a ‘nomination’. It’s also important to keep your nominations up to date if your circumstances change.
If you’re signed in to your online pension account you’ll find the nominations page in the ‘My Pension’ section.
If you pay into a defined contribution (DC) pension within the RPS, or if you make BRASS contributions, your contributions are invested in a range of specially selected funds.
You can manage your own funds or have them managed for you. Either way, you can change your approach, manage your own investments or switch funds online any time.
With a DC pension, you can see more about your investment choices on this website here - ' My fund choices'
With BRASS, you can see more about your investment choices on this website - My fund choices’.
If you need expert help with decision-making, it’s a good idea to talk to a trusted independent financial adviser.
Liverpool Victoria (LV) has been chosen as the official partner to give RPS members financial advice and has specific knowledge on the Scheme. You can contact LV on 0800 023 4187.
Alternatively you could choose your own adviser, but make sure your adviser is regulated by the Financial Conduct Authority (FCA). Use unbiased.co.uk to find a regulated adviser in your area.
If you’ve decided to tackle your pension this year, you’ll have many questions. As well your myRPS member website, which contains tons of guidance and free online calculating tools, you’ll find MoneyHelper.org is a useful free government service to help you manage your money. Pension Wise is a free service within MoneyHelper which deals specifically with pensions.
Pension scams are increasing every year. Scammers are often persuasive and financially knowledgeable, so no matter how savvy you are about money, you must be on your guard.
For more information, visit fca.org.uk/scamsmart. See also ‘the pension scams page.
Read the latest updates from the world of pensions and see how they affect you as a member of the Scheme.
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